研究ノートSince middle 19th century，the secluded China was forced to be open to the outside world due to trading with foreign countries，as a result，China's feudal coinage evolved gradually into a semi-colonial and semi-feudal system. In this period，significant outflow of China's silver currency accounted for silver price surge，besides，foreign silver dollars streamed into China，which damaged badly the old silver system. At the same time，At the same time, because of production shortage of copper in Yunnan Province and lead in Guizhou Province，the price of imported copper was high，which resulted in insufficiency of copper-made official currency，and then the private currency flooded into the market. At that time，silver，silver dollars，copper dollars，official currency and private currency were all in circulation，thus putting China's currency market in an unprecedented chaos，which stunted seriously the economic growth across the country. Therefore，local governors led by Zhang Zhidong，General Governor of Hunan and Hubei Provinces，attempted to issue banknotes to address the worsening local finance. However，as then printing technologies were limited，counterfeit banknotes appeared frequently，Governor Zhang decided to introduce Japan-made banknotes into China. Thereafter，ministers like Yuan Shikai and Cen Chunxuan followed his step. Cen Chunxuan，General Governor of Guangdong and Guangxi Provinces commissioned Japanese Government Priting Bureau to produce silver dollar notes in 1905 and 1906 respectively. Those notes were in good circulation in the market，relieving greatly the financial pressure of Guangdong Province. Given that，this thesis will discuss in details about Governor Cen commissioning Japanese Government Printing Bureau and introducing Japan-made banknotes.